Bank runs aren't very common in China, said Mizuho banking analyst Jim Antos.

But the episode highlights the need for deposit insurance in China, a reform that is on Beijing's to-do list.

"If there were an official deposit insurance program that people trusted, it would be easier to keep depositors from overreacting to rumors and the bank run that just occurred might have been avoided," Antos said. And as companies other than traditional banks start offering financial services, "deposit insurance probably needs to be extended to these innovative, non-traditional, e-banking companies, too."

The government is widely expected to begin working on deposit insurance this year as it seeks to implement financial and economic reforms.

In the meantime, it appears that the immediate risks from this week's run are contained.

"We believe the government will not allow deposit-taking institutions to fail, so this incident will likely be resolved soon without significant repercussions on the financial system," said Zhiwei Zhang, an economist at Japanese brokerage Nomura.

UBS economist Wang Tao has before called deposit insurance a "prerequisite" for a more market-oriented economy that would include flexible interest rates.

A "crisis resolution mechanism will also lay the foundation for allowing more credit defaults and exit of small financial institutions," she said.

Attempts to contact the bank Thursday were unsuccessful, but it appeared the incident may have run its course -- with only one real victim.

Local police said in a social media post that they had "captured" the suspected gossipmonger on Wednesday night.